System1 (SST) Financial Statements & Analysis

System1 (SST) Income Statement

System1 reported revenue of $266.13M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 22.6% from $343.93M a year earlier. System1 posted a net loss of $65.34M, compared with a net loss of $74.67M a year earlier. Gross margin was -8.3% and operating margin -23.3%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $30.20M, down 61.3% from the same quarter a year earlier.

System1 Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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System1, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2022	Mar 2022	Dec 2021	Dec 2020	Dec 2019
Revenue & Gross Profit
Revenue	266.13	343.93	401.97	664.94	664.94	688.39	688.39	475.98	407.49
Cost of Revenue	288.30	356.11	248.75	720.04	649.57	601.75	587.86	396.54	275.77
Gross Profit	-22.17	101.32	153.23	-55.10	173.39	86.64	11.21	79.43	131.72
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	-	0.00	-	0.00	0.00
Selling, General & Administrative	39.87	76.41	160.81	66.50	66.50	35.81	35.81	22.98	68.35
Operating Expenses	39.87	189.92	239.22	66.50	631.07	35.81	47.85	36.81	79.59
Operating Income	-62.04	-88.60	-85.99	-121.60	-457.68	50.83	-36.64	42.62	52.13
Other Income/Expense
Interest Income	0.00	0.00	0.00	0.00	-	0.00	-	0.00	0.00
Interest Expense	27.56	-31.56	48.75	32.66	-32.66	16.87	-16.87	-24.35	26.03
Other Income/Expense	-22.03	-54.06	3.11	-409.14	-27.86	-16.87	-1.05	-29.11	-27.18
Income
Income Before Tax	-84.07	-97.67	-131.63	-530.73	-530.73	33.96	33.96	18.27	24.95
Income Tax Expense	-2.88	0.37	-20.37	-109.31	108.68	0.97	0.63	1.91	0.70
Net Income	-65.35	-74.67	-227.22	-367.45	-330.39	33.00	-37.06	63.76	8.80
Net Income - Continuous Operations	-65.35	-74.67	-111.26	-367.45	-	33.00	33.00	-29.91	8.80
Net Income - Discontinued Operations	-	-	-174.33	-	-	-	-	-	-
EBITDA	20.82	-13.09	22.32	-51.13	-51.95	64.72	59.78	52.92	62.23
EBIT	-56.51	-88.60	-82.88	-	-121.60	-	50.83	42.62	-
Depreciation & Amortization	82.86	75.51	78.40	70.47	69.65	13.89	8.95	10.30	11.24
Earnings Per Share
Basic EPS	-8.00	-11.00	-25.00	-4.00	-44.00	16.00	16.00	31.00	-
Diluted EPS	-8.00	-11.00	-25.00	-4.00	-36.00	16.00	3.00	31.00	-
Basic Shares Outstanding	7.85	6.96	9.15	91.67	8.44	84.15	2.05	2.05	89.25
Diluted Shares Outstanding	7.85	6.96	9.15	91.67	8.44	84.15	2.05	2.05	89.25

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About System1 Financial Statements

What was System1's revenue in fiscal 2025?

System1 reported revenue of $266.13M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 22.6% from $343.93M a year earlier.

Is System1 profitable?

No. System1 reported a net loss of $65.34M in fiscal 2025. In fiscal 2024 it lost $74.67M.

What is System1's operating margin?

System1's operating income was −$62.04M on revenue of $266.13M in fiscal 2025, an operating margin of -23.3%, compared with -25.8% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition